The receiver at defunct cultivated meat company Believer Meats has received a letter of intent (LOI) from an unnamed “qualified third party” interested in acquiring its production facility in North Carolina, according to court filings seen by AgFunderNews.
It has also received a draft asset purchase agreement from key creditor Gray Construction, which AgFunderNews reported last month was considering a cash-and-credit bid, using debt owed to it to offset part of the purchase price.
Cultivated meat co UPSIDE Foods, which terminated a $50 million bid for the site in August because the conditions of the transaction were not met, told AgFunderNews last month that it was “still interested in the facility.” AgFunderNews has asked UPSIDE whether it is behind the new LOI but had not received a response at the time of publication.
According to receiver Kevin Sink’s second status report filed with the North Carolina Business Court on October 19, other parties also “continue to express significant interest in the transferred assets.”
Sink added: “Any proposed acquisition would be the subject of a motion to be filed with this court. The anticipated sale motion would be expected to include an objection and upset bid period of approximately 21 days wherein an interested party could submit an alternative bid.”
If additional bids are received, Sink would then conduct an auction among qualified bidders, he added.
One of the best-funded players in the space having raised almost $400 million from backers including ADM Ventures and Tyson Ventures, Future Meat Technologies Inc (d.b.a. Believer Meats) ceased operations in December 2025. It was put into general receivership in early February after receiver Kevin Sink secured court approval to sell the firm’s US assets.
The assets for sale include the $150 million production facility in Wilson, North Carolina, along with bioreactors and other equipment. Its intellectual property is being handled separately by Israeli trustee Yoel Freilich.
Further reading:
Believer Meats creditors weigh bid for US plant after UPSIDE Foods exit
Cultivated meat deep dive: After the crash, who’s still standing?
